Nigeria: Mobil Hits Large Gas Deposit in Akwa Ibom

1 November 2010

Nigeria's gas reserves have received a major boost. Mobil Producing Nigeria Unlimited (MPN), a Joint Venture (JV) partner of the Nigerian National Petroleum Corporation (NNPC), has announced a rich gas condensate discovery in its operated Oil Mining License (OML) 104 located offshore Akwa Ibom State.

The announcement of the discovery came just as investigations revealed that the delay in the passage of the Petroleum Industry Bill (PIB) has stalled China's bid to invest $50 billion to acquire six billion barrels of Nigerian oil reserves.

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